India’s state-run oil refiners raised gasoline and diesel prices for the first time in four years to limit their growing losses and tame domestic demand, as global crude prices remain high due to the Middle East conflict.
US gasoline inventories are on pace to drop to historical seasonal lows by late summer, further straining a tight fuel market upended by the war in Iran.
Brazil is taking action to increase the use of ethanol in gasoline in an effort to tame the impacts of rising fuel costs as the war in the Middle East drags on.